Cannabis Business Banking in Florida
- Florida Cannabis
- Cannabis Business in FL
- Cannabis Business Banking in Florida
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Key Points
- Conflict Between State and Federal Cannabis Laws: The legal conflict causes a lack of access to traditional banking services for Florida’s cannabis businesses.
- Regulatory Framework: The Office of Financial Regulation (OFR) oversees financial institutions in Florida, which must comply with state and federal laws.
Banking Challenges Persist for Florida’s Cannabis Businesses Amid Legal Ambiguity
The cannabis industry in Florida, valued at nearly $6 billion, faces a paradox: state-legal businesses struggle to access traditional banking services due to the ongoing conflict between state and federal cannabis laws. The Office of Financial Regulation (OFR) oversees the state's financial institutions, ensuring compliance with both state and federal laws. The Florida Administrative Code (FAC) provides the regulatory framework for these institutions, including guidelines pertinent to cannabis banking.
| Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in FL | Type of Financial Institution |
|---|---|
| Affinity Federal Credit Union | Credit Union |
| Amalgamated Bank | Bank |
| BMO Bank | Bank |
| Chase (CBD Only) | Bank |
| Cogent Bank | Bank |
| Community Choice Credit Union | Credit Union |
| Credit Union 1 | Credit Union |
| First Citizens Bank | Bank |
| First Federal Bank | Bank |
| First National Bank of Pasco | Bank |
| First Port City Bank | Bank |
| Green Check | FINTECH |
| Herring Bank | Bank |
| Needham Bank | Bank |
| Safe Harbor Financial | FINTECH |
| Stearns Bank | Bank |
| Valley National Bank | Bank |
- Are you a Florida-licensed financial institution providing banking services to cannabis-related businesses? Request to be listed .
Contact a Banker To Discuss Your Business Needs
Reach out with any questions!The Strain of a Cash-Dependent System
For cannabis entrepreneurs, the absence of banking options affects every aspect of their business. Without access to traditional financial services, even routine transactions become fraught with logistical hurdles. Paying employees, managing operating expenses, and complying with tax obligations demand innovative—if imperfect—workarounds.
Navigating Florida’s Payment Processing Hurdles
- Cash Transactions: The dominant method, cash, is straightforward but cumbersome, exacerbating security concerns.
- Cashless ATMs: These point-of-banking systems mimic debit card transactions but face reliability issues as ATM networks can sever ties without warning.
- ACH Transfers and E-Checks: These digital options provide a cashless alternative but require customers to link their bank accounts, adding friction to the payment process.